WORLD INEQUALITY DATASET ANALYSIS

Binita Maity , IIT Gandhinagar, binitamaity@iitgn.ac.in

Sai Narasimha , IIT Gandhinagar, narasimha.gs@iitgn.ac.in

G V Sai kumar , IIT Gandhinagar, saikrgavini@iitgn.ac.in

Inroduction

For decades, inequality has been increasing all over the world. Within a single country, inequality can occur. Some people are blessed with resources and others are far away from the light of evolution. However, economic disparities have widened as the world's wealthiest individuals accumulate new levels of wealth.

The types of inequities we have noticed in society are as follows:

Wealth inequality
Treatment and responsibility inequality
Gender economic Inequality

The World Inequality Datasets include factors such as nation data, year value, population, citizen names, and regions. National income GDP, income inequality, average wealth, wealth-income ratio, wealth disparity, and gender inequality are only a few of the indicators cited.

There are now 195 nations on the globe. Currently, the world population will touch 7.9 Billion in April 2022. Each and every country follows a different set of policies which enhances demographic disparities. First, let's look into the national income per adult.

Per Adult National Income:

According to the graph, North America has the greatest per capita income. Hence North America richest country and followed by North America and Oceania. Whereas, East Africa and South Asia have the lowest per capita income.

In this graph, we demonstrate how the income of various nations has evolved through time. We looked at the data from 1950 to 2020 and found that North America's economic situation was at the top. Countries in East Africa and Sub-Saharan Africa, for example, have not improved.

Per Adult GDP

As we can see from the graph the United Arab Emirates has the highest GDP per adult at 147.9k. Whereas, Burundi with the lowest GDP per adult in the year 2020.

We've already seen income per adult and GDP per adult. Let's take a look at income disparity.

Income Inequality

Top 1% share.

We can see from the plotting that Latin America had the greatest economic inequality.

According to the Suisse Global Wealth Report, the world's richest 1%, individuals with more than $1 million, possess 45.8 percent of the world's wealth.

According to Forbes, the world's top ten billionaires hold a combined fortune of $1.448 trillion, which is more than the entire products and services produced by most countries on an annual basis, according to the World Bank.

Top 10% Share:

Among the 10% share of income inequality, South Africa is at the top.

bottom 50 %

Average wealth.

We may deduce a country's average wealth from the pie chart. The ranking was topped by New Zealand and Australia with 18.8%.

The plot above depicts a country's average wealth from 1995 to 2020. We can easily see that at the beginning of 1995, North America topped the list, but by 2007, Australia and New Zealand had surpassed North America.

Top 10% share:

The examination of a ten percent share of average income from 1995 to 2020. The graph strongly shows a linear fall in the Middle East, and by the year 2015, Latin America had surpassed the Middle East.

bottom 50%

Racial Wealth The United States will be a "majority-minority" nation by the middle of the twenty-first century. Enhancing the economic wellbeing of communities of color will become much more important than it is now if we are to guarantee a healthy middle class, which has historically been the foundation of the national economy. Closing the ongoing "wealth difference" between white and non-white households, which in itself is a societal problem, must now become a primary objective for overall economic policy. Only five African-Americans and 17 Latinos made up less than 5% of the overall population of 15.5 million. CEOs of Fortune global 500 businesses make an average of $1 million each year.

By Contrast, As per the Economic Policy Institute, these demographics combine for 44.1 percent of those in the United States who would benefit from a $15 per hour federal minimum wage by 2025. In the United States, Blacks and Latinos account for 31.9 percent of the total population.

Although this is an overall examination, let us look at the contribution of women to global income.

Female labour income:

This graph depicts the earnings of female workers. Russia and Central Asia are at the top of the graph, accounting for 40% of the country's total income. However, for the Asian nation, it only reached 20%. Through the years the percentage of share of male workers or male work is significantly becoming equal or all men moving towards the average share. But, it is not the case for female workers it is remaining significantly low and constant.

So far, we've looked at inequality from an economic standpoint. However, there are societal factors that are unfavorable to nature such as carbon Emissions. Let us now determine which country has the highest environmental burden.

Corban Emitters

Although North America is the wealthiest in terms of economics, it is the most damaging to the environment with 42.4% of the world's carbon emissions. Europe ranks second, accounting for 17.3 percent of global carbon emissions.

In comparison to the rest of the world, North America emits three times the amount of carbon.

KEY OBSERVATIONS

Conclusion: